What's Happening At Ebet?

Australian listed gambling supplier's shares suspended pending a price sensitive event

Shares in eBet have been suspended from trading in Australia pending a "price sensitive" announcement; the company is engaged in the business of electronic gaming machine systems, wagering and online gaming technologies and distributes WMS equipment.

In a filing with the Australian Stock Exchange, eBet requested the suspension to allow an as yet undetailed share placement to be conducted in an orderly manner. It also plans to announce a related transaction at the same time, but is unclear it will be in a position to do so before July 16th, Management said.

The shares closed at a peak just before the weekend, reaching A$3.95.

Earlier this month the company announced guidance for net profit before tax of between A$3.5 million and A$3.7 million for the financial year ending . This represents an increase of between 22 and 30 percent from the prior year and sets a new record for the company.

UPDATE: Ebet's deal is retail betting related. The company is negotiating the A$4.8 million acquisition of FlexiNet from Independent Gaming in order to expand its presence in the New South Wales club and hotel gaming systems market. A spokesman for Ebet said the deal has the potential to boost earnings per share by around 21 percent.

FlexiNet services 84 venues and 8,100 gaming machines in the state. It will increase Ebet's installed base to 62,100.

Online Casino News Courtesy of Infopowa

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